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Thursday, 17 November 2011

"Why Would Anyone Defend Jersey's Reputation"

Clampdown on ‘vulture’ speculators

Whatever!


Economic Development Minister Alan Maclean says Jersey is no supporter of speculators seeking to profit from third world countries like the Congo
Economic Development Minister Alan Maclean says Jersey is no supporter of speculators seeking to profit from third world countries like the Congo

JERSEY will act as quickly as it can to stop ‘repugnant and exploitative’ speculators using Island courts to force poor countries to repay crippling debts, the Economic Development Minister said this morning.

Senator Alan Maclean insisted that Jersey was no supporter of so-called vulture funds.
The funds buy up millions of pounds of third-world debt at a fraction of their value and then use courts in jurisdictions like Jersey to make the countries pay up.
They come to Jersey to get their hands on money held in the Island by the countries and are accused of forcing them to pay back far more than the price paid for the debt.
The minister sought to defend the Island’s reputation today as it came under mounting pressure to stop Jersey courts being used by the fund speculators.

1 comment:

  1. What rubbish from Mc Clean they are only acting now because of News nights exposure of the rot in our Island

    ReplyDelete